Oil prices surge to two-week highs on supply shortage concerns

Economies.com
2022-06-28 13:39PM UTC

Oil prices surged in European trade to two-week highs for the third session on supply shortage concerns as the UAE confirms it has reached upper capacity in oil production. 

 

Global Prices

 

US crude rose 1.5% to $111.69 a barrel, the highest since June 17, while Brent rose 1.8% to $117.74 a barrel. 

 

US crude rose 2.3% yesterday, while Brent climbed 2.6%, the second profit in a row away from six-week lows. 

 

Macron

 

French President Emanuel Macron told his US counterpart Joe Biden that the communicated with UAE government and Saudi governments, and both are at their upper limits of production.

 

US administration has been trying to pressure UAE and Saudi Arabia to increase output to offset some of the Russian shortages. 

 

Libyan Output 

 

Libyan authorities said they might close some oil exporting ports amid overwhelming conditions that are preventing proper operations. 

 

Ecuadorian Output 

 

Ecuadorian Energy ministry said the country might suspend oil output completely in the next two days due to ongoing anti-government protests. 

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